Schedule 1AA Transitional, savings, and related provisions

Part 1 Provisions relating to KiwiSaver Amendment Regulations 2016

This clause applies to an application to make a withdrawal under clause 8(3)﻿(c) or (3B)﻿(c) of the KiwiSaver scheme rules (set out in Schedule 1 of the Act) if that application is made before 1 July 2016.

(2)

Regulation 31(c), as in force immediately before 1 July 2016, continues to apply for the purposes of the application.

Michael Webster,Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

The provisions amended set out the criteria that a person must meet in order to qualify for making a one-time withdrawal of funds from the person’s KiwiSaver scheme for purchasing a home under clause 8(3)﻿(c) or (3B)﻿(c) of the KiwiSaver scheme rules (set out in Schedule 1 of the KiwiSaver Act 2006).

The amendments apply to applications to withdraw funds for this purpose made after 1 July 2016. They have the effect that income is no longer to be taken into consideration when deciding whether a person’s financial position represents that which would be expected of a person who has never held an estate in land. Only a person’s assets and liabilities must be considered.

The law as currently in force continues to apply to applications made before 1 July 2016.